CFPB Complaint

Specialized Loan Servicing LLC – CFPB Complaint ID 2475501

Consumer Complaint Submission

Date Received: 2017-05-04T00:00:00

Product: Mortgage debt

Issue: False statements or representation

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Your multiple choice selections did not give me a choice that matched my problem, but here is the outline : A company called SLS ( Specialized Loan Services ) now holds a HELOC I took out in XXXX . The loan matured in XXXX XXXX . I contacted them before this time to see if I could roll the loan over. I was told that that would not be possible because ( blah blah blah bankspeak ). At that time my XXXX XXXX was over XXXX . We entered into ” loan modification. ” The loan became past due. I offered to continue paying on the loan while they did their work, but was told that I could not do so. I sent them all the typical documents for verifying income and obligations. Time went on. On more than one occasion, while speaking to an SLS representative, I asked if my being in default would show up on my credit score an d was assured that IT WOULD NOT. THIS WAS A FALSE STATEMENT, and is the problem I would like to report. In fact, the company did show me as being in default on the loan. My credit score i s now XXXX on XXXX , which rendered me unable to refinance my first mortgage — an alternative to modifying the HELOC which is now closed to me. I had the ability to pay off the HELOC, and had I known what would happen, I would have, but I was given false assurances and so chose to pursue ” loan modification. ” Further complaints : I was offered a ” trial payment schedule ” — -twice. The first time, whoever prepared the offer overstated my income by a factor of XXXX . The second time, they got my income right, but their payment amount would have left me with less than {$200.00} a month free cash. This was bad enough, but the documents they sent with these ” modifications ” included NEITHER THE DURATION OF THE LOAN NOR THE INTEREST RATE. When I called about this ( ahem ) oversight, I was told that I COULD NOT KNOW THIS INFORMATION UNTIL I ACCEPTED THE MODIFICATION. Surely that is illegal. I believe that they lied to me and strung me along deliberately in order to ruin my credit score a nd, when all other avenues for refinancing were closed to me, foreclose on my house. I think this because I have found other people with similar stories. SLS is a predatory organization and must be prosecuted and then shut down.

See also  CCS Financial Services, Inc. - CFPB Complaint ID 3021299

Company: Specialized Loan Servicing LLC

State/Zip: FL 322XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2475501

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